REFILE-Former Kit Digital CEO offers to take company private

Fri Nov 23, 2012 8:01am EST

Nov 23 (Reuters) - Kit Digital's former chief executive said he would be willing to lead a private equity-backed buyout of the video technology provider, two days after the company reported accounting irregularities.

Ex-CEO Kaleil Isaza Tuzman, who left Kit Digital earlier this year in a major management shakeup, said he would be willing to lead a bidding group that would offer to buy the company at $3.75 per share in cash.

The company disclosed accounting irregularities on Wednesday, for which it blamed the prior management, and said it would restate results for the last three years.

Kit Digital shares, which fell 66 percent to 70 cents after market close on Wednesday, rose to $1.01 before the bell on Friday on the announcement.

Kit Digital has been considering strategic alternatives, including a sale for several months.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.